Promo's Biggest Markets: Automotive

It’s been a story of ups and downs for the automotive market this decade. During the pandemic, it was mired in a multi-year inventory shortage due to supply chain disruptions.

Then, the industry saw promising growth and an encouraging comeback the last two years. In particular, manufacturers were cranking out cars again, and selling them too. U.S. “light-vehicle” sales (passenger cars and trucks) reached 15.5 million units in 2023 – a 13% increase from 2022 and a reverse of a one-year decline. Figures haven’t been revealed yet, but 2024 was expected to show growth, though at a more modest pace.

But the story’s changed in 2025. Amid the wide range of new levies unveiled by the Trump Administration was a 25% tariff currently applied to imported vehicles and certain auto parts. It’s sent automakers into shock, with multiple companies pausing shipments as they try to sort through the effects.

To read on, click here.